AppleCare, the extended hardware warranty and support service offered by Apple, could receive an impressive update later this year, according to a recent report from AppleInsider. The website claims that the refreshed AppleCare service is expected to follow a subscription-based model similar to Apple's One to One program, and will allow Apple Stores to perform an increased range of in-house repairs.
The news is said to have been announced at an Apple town hall meeting on Thursday, May 9. As AppleInsider reports:

"The biggest announcement, was the way repairs for iPhones will be handled soon," the person, who asked not to be identified due to their active status as an Apple employee, told AppleInsider. "The way it is now, if almost anything is wrong with an iPhone, iPod, or iPad, the entire device is exchanged for a like-new re manufactured [sic] device, whether brought into an apple store [sic] or sent in for mail in repair. Now we are starting to actually repair the products and return the same device to the customer."
Currently, Apple Stores have the tools to replace speakers, receivers, home buttons, the vibrator motor and battery. Come June, capabilities will be expanded to display replacement, and by July cameras, sleep/wake buttons and logic boards will be dealt with in-store.

While the updated service will launch in the United States first, Apple reportedly plans on making the improved AppleCare available internationally soon after. By repairing iDevices rather than replacing faulty products outright, the Cupertino, Calif. company is expected to save some $1 billion per year.
In addition to the above, AppleInsider also claims that Apple is planning on making AppleCare a subscription-based product, allowing customers to attach multiple items to the same account rather than purchasing separate AppleCare services for individual Macs and iDevices. Though this new subscription-based model for AppleCare could include "exclusive" 24/7 support, AppleInsider is careful to note that nothing has yet been finalized.
Finally, the website adds that AppleCare's 90-day complimentary offering could be increased once the revamped service launches. If everything goes to plan, the all-new AppleCare may hit the United States as soon as fall.
We'll keep you updated with further information on AppleCare as we receive it.
In the meantime, see our further industry related news articles: T-Mobile Launches Impressive iPhone 5 Trade-In Offer For Mother's Day, Pentagon To Grant Security Approval For Apple’s iOS Devices Next Week, and This Interesting iOS 7 Concept Brings A Stark Visual Change.